Hydrogen Production in Germany to Offer Industrial Workboats US$ 4.6 Bn Market Opportunity in 2032
The industrial workboats market study published by Fact.MR offers an in-depth outlook of key factors promoting demand and sales in the market. Further, the study provides insights into trends, opportunities, and recent developments across major geographies and segments, including type, power source, and application for the forecast period (2022-2032).
NEW YORK, June 30, 2022 /PRNewswire/ — The global industrial workboats market size is projected to reach US$ 4.6 Bn in 2032, registering 6.2% CAGR between 2022 and 2032. Increasing environmental concern associated with shipping emissions across the globe is likely to push sales of industrial workboats.
As per Fact.MR, the global industrial workboats market is set to reach a valuation of US$ 2.5 Bn in 2022. Growth in the market is anticipated to surge owing to the surging adoption of marine hybrid propulsion systems to reduce carbon footprint across the globe.
Further, rising focus of manufacturers on the development of new industrial workboats with features, such as improved cruise planning, more streamlined hulls, air cushions, low-carbon fuel, and better hull coatings to reduce friction is another vital factor that would bolster growth.
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In addition to that, increasing usage of industrial workboats in marine construction to deliver robust support for offshore oil and gas platforms is likely to fuel growth. Workboats are also set to be utilized for the transportation of crew members and supply of crucial equipment for construction projects.
Rising number of port operators to initiate movement of goods is anticipated to augur well for the U.S. industrial workboats market in the evaluation period. Germany, on the other hand, is expected to showcase considerable growth with increasing government initiatives to accelerate hydrogen production.
Key Takeaways:
- The U.S. industrial workboats market is projected to generate a share of about 90.2% and expand at a CAGR of 7.2% in North America by 2032.
- Germany industrial workboats market is set to remain in the second position by generating revenues nearly 19.3% of share in 2032.
- Based on type, the transportation workboats category is expected to showcase steady growth at a CAGR of 6.9% in the upcoming decade.
- By power source, electric industrial workboats are anticipated to account for approximately 11.8% of the industrial workboats market share in 2032.
- The global industrial workboats market stood at US$ 2.4 Bn in 2021 and recorded a CAGR of 1.2% in the historical period between 2017 and 2021.
Growth Drivers:
- Increasing investments in sustainable solutions, especially in marine energy, offshore wind, and oil & gas industries are set to augment growth.
- Ongoing development of plug-in hybrid diesel-electric propulsion for industrial workboats to reduce emissions is likely to drive growth.
Restraints:
- Aquaculture often requires cleaning of large areas of mangroves that can alter the ecosystem, thereby hindering demand for industrial workboats.
- Diesel engines can create high noise levels and thus cabins of industrial workboats need to be well insulated.
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Competitive Landscape:
The global industrial workboats market is highly competitive and fragmented in nature with the presence of various international and local manufacturers. The majority of these companies are focusing on mergers and acquisitions with key players based in numerous parts of the globe to broaden their portfolios and geographic presence. Meanwhile, some of the other companies are focusing on gaining access to state-of-the-art utility vessels for underwater operations.
For instance,
- In May 2022, Elastec, a prominent manufacturer of oil spill cleanup and surface water pollution equipment headquartered in the U.S., acquired Kepner Plastics. Elastec acquired the latter’s entire assets and product line. Kepner’s innovative technology would help Elastec to develop novel equipment and attract new customers.
- In April 2022, Kames, a leading fish welfare and sustainable farming company based in Argyll, received the delivery of Damen LUV 2208. The company would be able to enhance its waterborne operations with the help of the vessel at its steelhead trout farm. The vessel is capable of providing a suitable platform for aquaculture operations.
Key Companies Profiled by Fact.MR
- Daewoo Shipbuilding & Marine Engineering Co Ltd
- Damen Shipyards Group
- Elastec, Inc.
- Korea Shipbuilding & Offshore Engineering Co Ltd
- Samsung Heavy Industries Co, Ltd
- Workskiff Inc.
More Valuable Insights on Industrial Workboats Market
Fact.MR in its latest study offers a comprehensive analysis on the global industrial workboats market. It also provides key information such as latest trends, drivers, and challenges factors that are expected to influence sales of industrial workboats during the forecast period of 2022 to 2032. It also uncovers critical forecast data for the industrial workboats market through detailed segmentation as follows:
By Type:
- Harbor Maintenance Workboats
- Surveying Workboats
- Transportation Workboats
- Ferries
- Cargo Workboats
By Power Source:
- Diesel Industrial Workboats
- Electric Industrial Workboats
- LNG Industrial Workboats
- Hybrid / Plug-in Hybrid Industrial Workboats
By Application:
- Offshore Support
- Port Operation
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Industrial Workboats Market Report
- Who are the leading players in the industrial workboats market?
- Which region is anticipated to dominate the global industrial workboats market during 2022-2032?
- What is the expected value of industrial workboats market in 2022?
- Which are the challenges faced in the industrial workboats market?
- What will be the market size of global industrial workboats market during the forecast period (2022-2032)?
- At what rate will the global industrial workboats market grow until 2032?
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